能源化工期权策略早报-20250506

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report conducts fundamental, market, and volatility analyses of various energy - chemical options, and provides corresponding strategy operations and suggestions [3]. 3. Summary by Directory 3.1 Basic Chemicals Sector - Methanol Options: The downstream MTO units have maintenance plans, but port inventory has decreased to a low level. The market has been fluctuating in a wide - range rectangle recently. Implied volatility is above the historical average. A bullish + bearish option short - biased portfolio strategy is recommended, such as S_MA2506P2275, S_MA2506P2300, S_MA2506C2350, and S_MA2506C2375 [3]. - Rubber Options/Synthetic Rubber Options: The market price of high - cis butadiene rubber in various regions has declined. The market shows a weak consolidation pattern under bearish pressure. Implied volatility is at a relatively high historical level. A short - biased volatility - selling strategy is recommended, such as S_RU2509P14250, S_RU2509P14500, S_RU2509C15250, and S_RU2509C15500 [3]. - Styrene Options: In April, downstream demand declined due to the Sino - US tariff war, and inventory was at a high level. The market has been in a volatile downward trend with resistance. Implied volatility remains at a relatively high historical level. A volatility - selling option portfolio strategy is recommended, such as S_EB2506P6900, S_EB2506P7000, S_EB2506C7200, and S_EB2506C7300 [4]. 3.2 Oil and Gas Sector - Crude Oil Options: OPEC + members agreed to increase oil supply in June, but exports have not increased significantly. The US has maintained production cuts. The market has shown large - scale fluctuations under bearish pressure. Implied volatility remains at a relatively high level. A bearish spread put option strategy is recommended, such as B_SC2506P485 and S_SC2506P465 [4]. - Liquefied Gas Options: The benchmark price has increased slightly compared to the beginning of last month. The market has shown a short - term weak rebound pattern with resistance. Implied volatility remains above the historical average. A short - biased call + put option selling strategy is recommended, such as S_PG2506P4350, S_PG2506P4300, S_PG2506C4450, and S_PG2506C4500 [4]. 3.3 Polyester Chemicals Sector - PX Options/PTA Options: PTA load is expected to decline in May, and inventory has decreased year - on - year. The market has shown a moderate bullish upward trend under bearish pressure. Implied volatility remains at a relatively high level. A volatility - selling strategy is recommended, such as S_TA2506P4450 and S_TA2506C4600 [5]. - Ethylene Glycol Options: Port inventory has increased slightly year - on - year, and downstream inventory days have increased. The market has shown large - scale fluctuations under short - term bearish pressure. Implied volatility has rapidly risen to a relatively high historical level. A volatility - selling strategy is recommended, such as S_EG2506P4100 and S_EG2506C4250 [5]. - Short - Fiber Options: Polyester load is relatively high, but short - fiber load has decreased slightly. The market has shown a rebound after a sharp decline. Implied volatility remains at a relatively high average level. A call + put option selling strategy for volatility - selling is recommended, such as S_PF2506P6000, S_PF2506P6100, S_PF2506C6400, and S_PF2506C6500 [5]. 3.4 Polyolefin Chemicals Sector - Polypropylene Options: PP production enterprise, trader, and port inventories have different trends. The market has shown a large - scale volatile pattern with resistance. Implied volatility is at a relatively high historical level. A short - biased call + put option selling strategy is recommended, such as S_PP2506P7100, S_PP2506P7000, S_PP2506C7200, and S_PP2506C7300 [6]. - Polyethylene Options: PE production enterprise and trader inventories have changed. The market has shown a weak consolidation pattern with resistance. Implied volatility has rapidly risen to a relatively high level. A bearish directional strategy is recommended, such as B_L2506P7200 and S_L2506C7300 [6]. - PVC Options: Factory and social inventories have decreased year - on - year. The market has shown a volatile upward pattern with resistance. Implied volatility remains at a relatively low level. A bearish directional strategy is recommended, such as B_V2506P4900, B_V2506P4950, S_V2506C5000, and S_V2506C5100 [6]. 3.5 Data Summary - Option Underlying Market Data: It includes closing prices, price changes, trading volumes, and open interest changes of various option underlying assets [8]. - Option Volume, Open Interest, and Turnover Data: It shows the volume, open interest, and turnover of different options, as well as their changes [9]. - Option Volume, Open Interest, and Turnover PCR Data: It presents the PCR values of volume, open interest, and turnover of different options and their changes [10]. - Option Maximum Open Interest at Strike Prices: It provides the strike prices with the maximum open interest for calls and puts, as well as pressure and support levels for different options [11]. - Option Implied Volatility Data: It shows the implied volatility, its changes, annual averages, call and put implied volatilities, and historical volatilities of different options [13].